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Let me read and comment on that memo tomorrow on my lunch break.

I am loving these prices right now.  The company actually made money this quarter when you dont count their one time loss.  Also, their most important business, their FRP pipe, actually grew.  

This being said, while their balance sheet is not as attractive as it once was, it does not justify their current stock price.

For example, June 30, 2007, they trading roughly near 6.50 with their book value per share near 1.84 and their NCAVPS at 1.55.  

Currently, their NCAVPS is at .70 while their book value per share is at 1.86.  (Info taken from their recent quarter's balance sheet)

Now is it safe to assume China Wind will be able to stick to their schedule?  I think yes. Regardless, the market has clearly over reacted to Hanwei's ability to meet revenue targets.   Their key business line has still done well when most companies drastically cut capital expenditures for 2009.  

The stock may go lower before it gets better -- I cannot predict short term movements as can no one.  This price is attractive enough for me to load up and wait until 2010 first half.

I'll get back to you on that memo.


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